Al-Qard al-Hassan association that came under attack on Sunday is Hezbollah's alternative to Lebanon's banking system and was complicit in building Hezbollah's mini-state inside the country. Although it was founded as an association to aid families in need, it had become a bank in every sense of the word.
The IDF said it was targeting the bank's branches to prevent funding to the Iran-backed terror group for its war.
Founded in 1982, al-Qard al Hassan claimed its mission was to provide loans to all, regardless of religion or ethnicity to "improve social cohesiveness and cooperation," with branches spread around the country "to save travel time."
According to the Alma Research and Education Center, it is one of Hezbollah's central financial assets. It has been under sanctions since 2016 and has more than 200,000 customers.
IDF strike in Beirut
It holds gold estimated to be in the tons, much in from jewelry given as collateral for loans and has loaned over half a billion dollars a year. Over time it became Hezbollah's main money laundering service.
In 2021, the bank's data was breached and information on accounts, including those of sanctioned Hezbollah members, became public and included the bank's dealings with other financial institutions in violation of the sanctions imposed on it.
Hezbollah runs infrastructure parallel to the government institutions, including in education, health, social, communication, energy and construction. These organizations provide support for the terror group's military and support its political position.
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